The demand for wellness, mindfulness, and fitness-related applications and products has increased at a staggering pace over the past decade. Modern-day consumers are increasingly swaying toward adopting a healthier lifestyle due to which, the adoption of home fitness applications has witnessed considerable growth. In the current digital era, technological advancements in fitness have gained noteworthy momentum over the past few years. These advancements in technology are projected to spur the interest levels of consumers’ in-home fitness and the trend is set to continue to post the COVID-19 era.
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As participants within the current home fitness app market continue to invest resources to enhance user experience and attract new consumers, the fitness industry is set to enter a new era of digital fitness. Several companies operating in the current market for home fitness apps are leveraging advancements in novel technologies such as artificial intelligence to develop engaging and user-centric fitness applications. The rise of social media marketing over the past decade wherein fitness influencers are promoting different home fitness applications is another factor that is expected to aid the expansion of the home fitness app market during the forecast period. Due to these factors, the global home fitness app market is expected to attain a market value of ~US$ 26 Bn by the end of 2030.
Evolving consumer trends and growing affinity toward adopting a healthier lifestyle have played an imperative role in boosting the prospects of the global home fitness app market. At present, a number of startups are mushrooming to capitalize on the lucrative opportunities presented by the intersection of technology and fitness. The number of home fitness apps has increased over the past few years and the trend is most likely to continue as revenues generated by these applications continue to move in the upward trajectory. Technological advancements are transforming the current state of affairs within the fitness sector.
As per the American College of Sports Medicine, fitness applications are gaining fast-paced popularity and is currently one of the most buzzing trends within the fitness sector. Brick and mortar gyms are likely to face increasing competition from home fitness apps, as the market share of these apps are witnessing a steady year-on-year growth. The number of fitness app users and revenues generated by the same continue to grow at an impressive rate worldwide. At present, participants involved in the current home fitness app market are primarily focusing on addressing the rising consumer concerns regarding data security and protection.
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The introduction of a range of online fitness programs that allow consumers to exercise as per their convenience is another factor that is projected to augment the home fitness app market in the upcoming years. In addition, subscription models of home fitness apps are cost-effective in comparison with standard gym memberships due to which, a number of fitness enthusiasts are swaying toward using home fitness applications.
The research methodology adopted by analysts to compile the home fitness app market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the home fitness app market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the home fitness app market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the home fitness app market.